Silgan (NYSE:SLGN) Raised to Strong-Buy at Raymond James

Silgan (NYSE:SLGN) was upgraded by stock analysts at Raymond James from an “outperform” rating to a “strong-buy” rating in a research note issued on Tuesday, MarketBeat reports. The firm presently has a $60.00 target price on the industrial products company’s stock, down from their previous target price of $65.00. Raymond James’ price target points to a potential upside of 18.10% from the company’s current price.

Several other research firms have also issued reports on SLGN. Loop Capital upped their price objective on Silgan from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Bank of America increased their price target on Silgan from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Robert W. Baird lifted their price objective on shares of Silgan from $60.00 to $62.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Royal Bank of Canada increased their price objective on shares of Silgan from $63.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Finally, Truist Financial reaffirmed a “buy” rating and set a $70.00 target price (up previously from $69.00) on shares of Silgan in a report on Thursday, January 30th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $62.78.

Silgan Price Performance

NYSE:SLGN opened at $50.80 on Tuesday. The stock has a market capitalization of $5.43 billion, a PE ratio of 19.69, a P/E/G ratio of 1.27 and a beta of 0.81. Silgan has a 1-year low of $41.14 and a 1-year high of $58.14. The firm has a fifty day simple moving average of $50.74 and a 200 day simple moving average of $52.41. The company has a current ratio of 0.45, a quick ratio of 0.28 and a debt-to-equity ratio of 1.24.

Silgan (NYSE:SLGN) last announced its quarterly earnings data on Wednesday, January 29th. The industrial products company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.03. Silgan had a net margin of 4.72% and a return on equity of 19.70%. On average, research analysts expect that Silgan will post 4.11 EPS for the current fiscal year.

Insider Buying and Selling at Silgan

In other Silgan news, EVP Robert B. Lewis sold 20,000 shares of the stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $53.22, for a total transaction of $1,064,400.00. Following the sale, the executive vice president now directly owns 152,133 shares in the company, valued at $8,096,518.26. This represents a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Adam J. Greenlee sold 125,000 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $54.73, for a total transaction of $6,841,250.00. Following the completion of the transaction, the chief executive officer now owns 227,332 shares of the company’s stock, valued at $12,441,880.36. The trade was a 35.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.39% of the company’s stock.

Hedge Funds Weigh In On Silgan

Several institutional investors and hedge funds have recently added to or reduced their stakes in SLGN. Millennium Management LLC increased its position in Silgan by 764.7% during the 4th quarter. Millennium Management LLC now owns 1,012,644 shares of the industrial products company’s stock valued at $52,708,000 after purchasing an additional 895,528 shares during the period. FMR LLC boosted its holdings in shares of Silgan by 12.2% during the 4th quarter. FMR LLC now owns 7,046,400 shares of the industrial products company’s stock worth $366,765,000 after buying an additional 767,944 shares in the last quarter. Norges Bank acquired a new stake in shares of Silgan during the 4th quarter worth approximately $38,680,000. JPMorgan Chase & Co. lifted its position in shares of Silgan by 12.8% during the 4th quarter. JPMorgan Chase & Co. now owns 5,795,781 shares of the industrial products company’s stock valued at $301,670,000 after acquiring an additional 656,923 shares during the period. Finally, T. Rowe Price Investment Management Inc. boosted its stake in Silgan by 87.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,253,727 shares of the industrial products company’s stock worth $65,257,000 after acquiring an additional 584,840 shares in the last quarter. Institutional investors own 70.25% of the company’s stock.

About Silgan

Silgan Holdings Inc, together with its subsidiaries, manufactures and sells rigid packaging solutions for consumer goods products in the United States and internationally. It operates through three segments: Dispensing and Specialty Closures, Metal Containers, and Custom Containers. The Dispensing and Specialty Closures segment offers a range of metal and plastic closures, and dispensing systems for food, beverage, health care, garden, home, personal care, beauty products, and hard surface cleaning products, as well as capping/sealing equipment and detection systems.